United States Tire Market

The United States tire market is one of the most competitive in the world. The top four tire manufacturers – Michelin, Bridgestone, Continental and Goodyear – control more than 60 percent of the market. But there are dozens of other brands vying for a share of the pie.

In addition to the big names, there are also many private label and generic brands that sell tires at a lower price point. And then there are specialty brands like Pirelli and BFGoodrich that cater to specific segments of the market.

The United States tire market is one of the most important in the world. It is the largest market for passenger car and light truck tires, with approximately 60 percent of global production. The market is also a major consumer of commercial truck and bus tires.

In addition, it is one of the largest markets for specialty tires, such as those used on construction equipment, aircraft, and farm vehicles. There are several factors that have contributed to the importance of the US tire market. One is the size of the country’s population and economy.

The United States has a large population that continues to grow, which results in an increased demand for vehicles and tires. Additionally, the country has a strong economy that supports robust vehicle sales. This combination results in a large number of vehicles on the road that need tires.

Another factor that contributes to the US tire market’s importance is its location. The United States is centrally located between Europe and Asia, two regions that are home to some of the world’s largest tire manufacturers and consumers. This location makes it easy for manufacturers to export their products to North America and for retailers to import tires from around the globe.

As a result, US consumers have access to a wide variety of tire brands and types at competitive prices. Finally, government regulations have played a role in making the US tire market one of the most important in the world. For example, federal fuel economy standards have resulted in an increased demand for low-rolling resistance (LRR) tires that can help improve a vehicle’s fuel efficiency without sacrificing performance or safety.

Why Tire Prices Are Rising

How Big is the Us Tire Market?

The United States tire market is huge. In 2018, it was estimated that the market was worth around $30.5 billion. This figure is expected to grow to $32.4 billion by 2022.

The tire market is dominated by a few large companies, such as Michelin, Bridgestone, and Goodyear. However, there are many smaller companies that make up a significant portion of the market share.

Who Sells the Most Tires in the Us?

There is no definitive answer to this question as it largely depends on how you measure tire sales. However, if we look at the total number of tires sold in the US each year, it is clear that Michelin is the leading tire manufacturer. According to Modern Tire Dealer’s 2018 factbook, Michelin sold nearly 34 million tires in the US in 2017.

This was significantly more than its closest competitor, Goodyear, which sold just over 27 million tires. Other major tire manufacturers such as Bridgestone and Continental also lag behind Michelin in terms of US sales. It should be noted that these figures only represent original equipment tires (those that are fitted to new vehicles at the factory) and do not include replacement or aftermarket sales.

Nevertheless, they give us a good indication of which brands are most popular with American consumers.

How Many Tires are Sold in the United States Each Year?

There are no definitive answer to this question as it largely depends on the size and health of the tire industry in any given year. However, according to Tire Business, a leading tire news publication, approximately 286 million tires were sold in the United States in 2017. This was a slight decrease from the 293 million tires sold in 2016, but still represented a healthy market.

It’s important to note that not all of these tire sales are new tires. In fact, many people opt to buy used or refurbished tires instead of brand new ones. The used tire market is actually quite large and continues to grow each year.

So, while the exact number of new tires sold in the US each year may be difficult to pinpoint, it’s safe to say that there are millions upon millions of them being bought and used each year.

How Large is the Tire Industry?

The tire industry is a large and growing industry. In 2017, the global tire market was valued at $186.3 billion and is expected to grow to $220.3 billion by 2025. The largest segment of the tire market is passenger car tires, which accounted for 65% of the total market in 2017.

The light truck tire segment is the second largest, accounting for 20% of the market. The remaining 15% of the market is divided between medium/heavy truck tires, off-road tires, motorcycle tires, and other specialty tires. The United States is the largest tire market in the world, accounting for 28% of global sales in 2017.

China is the second largest market, with 22% of global sales. Europe is third with 21%, followed by Japan (9%), India (5%), and Brazil (4%). Other important markets include Canada, Russia, Mexico, South Korea, and Indonesia.

United States Tire Market

Credit: www.army.mil

Tire Market Size

In 2019, the global tire market size was valued at $186.4 billion and is expected to grow at a CAGR of 5.5% from 2020 to 2027. The demand for tires is driven by the growing automotive industry and the need for improved fuel economy. Tires are an important part of the vehicle, as they provide grip and traction on the road, while also absorbing shocks to protect the passengers.

There are different types of tires available in the market, such as passenger car tires, truck & bus tires, two-wheeler tires, and off-the-road (OTR) tires. Passenger car tires held the largest share of the market in 2019 and are expected to maintain their dominance during the forecast period. This can be attributed to the growing demand for passenger cars globally.

Truck & bus tires are expected to witness significant growth during the forecast period owing to their increased use in commercial vehicles. Two-wheeler tires are expected to grow at a moderate pace during the forecast period as they have a large customer base in developing countries such as India and China. OTR tires are used in construction equipment, mining trucks, and agricultural tractors among others; however, their high cost limits their adoption in many applications which is restraining market growth.

. Pricing is one of the key factors affecting tire purchases as it accounts for a major share of tire expenses for OEMs and aftermarket customers alike. Raw material costs fluctuate based on crude oil prices which directly impacts synthetic rubber prices – a key raw material used in tire manufacturing.

. The global tire market has been segmented based on type into passenger car tyres, truck & bus tyres, two-wheeler tyres, off-the-road (OTR) tyres; by end-use into original equipment manufacturers (OEMs) and aftermarket; by sales channel into online channels and offline channels..

The Asia Pacific region held dominant position in terms of both volume & value share in 2019 due to presence of large number of manufacturers & suppliers along with availability of cheap labor & raw materials.. Major players operating in this market include Michelin North America Inc., Bridgestone Corporation , Continental AG , Pirelli Tyre SPA , The Goodyear Tire & Rubber Company , Hankook Tire Co., Ltd., Yokohama Rubber Co., Ltd., Sumitomo Rubber Industries Ltd., Cooper Tire & Rubber Company , Falken Tires .

Us Tire Market Share

The U.S. tire market is one of the most competitive and cutthroat industries in the world. The top eight tire companies account for over 85% of the market share, with Michelin, Bridgestone, and Goodyear leading the pack. These companies are constantly trying to outdo each other in terms of innovation and price, which benefits consumers immensely.

Interestingly, the U.S. tire market is also one of the most consolidated in terms of ownership. Just three companies – Bridgestone, Michelin, and Goodyear – control over 60% of the market. This level of consolidation means that these companies have a lot of power when it comes to setting prices and dictating industry trends.

Despite all this competition, there are still a few small players making waves in the industry. Cooper Tire & Rubber Company has been steadily gaining market share in recent years, thanks to their focus on producing high-quality tires at an affordable price point. Additionally, Continental AG has been investing heavily in R&D and has released several game-changing products that have helped them grab a larger slice of the pie.

So what does the future hold for the U.S. tire market? It’s tough to say for sure, but one thing is certain: it’s going to be an exciting ride!

Replacement Tire Market

When it comes to replacement tires, the options on the market can be dizzying. With so many choices available, how do you know which one is right for your vehicle? Here’s a quick guide to help you navigate the replacement tire market and find the best option for your ride.

All-Season Tires: These are the most popular type of replacement tire as they provide good traction in a variety of conditions, including wet weather and light snow. All-season tires typically have a longer tread life than other types of tires, making them a cost-effective option for many drivers. Winter Tires: If you live in an area with harsh winters, winter tires are a must.

Winter tires are designed to provide improved traction in snowy and icy conditions. They typically have deeper treads than all-season tires and may also feature special compound that stays flexible in cold temperatures. Performance Tires: Performance tires are designed for drivers who want maximum handling and grip.

These tires offer shorter braking distances and sharper turning capability, but they may sacrifice some comfort and tread life in exchange for these benefits. If you’re looking to boost your vehicle’s performance, performance tires may be the way to go.

Conclusion

The U.S. tire market is expected to reach $40.5 billion by 2025, according to a new report from Grand View Research, Inc. The market is projected to grow at a compound annual growth rate (CAGR) of 5.0% from 2018 to 2025. Tire demand in the United States is being driven by the growing automotive industry and the rise in vehicle miles traveled (VMT).

In addition, tire manufacturers are focusing on developing fuel-efficient tires that help reduce emissions and improve fuel economy. Grand View Research has segmented the U.S. tire market by application and product type: Application: Passenger Cars, Light Trucks & SUVs, Medium & Heavy Trucks, Buses & Coaches

Product Type: Radial Tires, Bias Tires The passenger car segment is expected to be the largest application for tires in the United States due to the large number of passenger vehicles on the road. The light trucks & SUVs segment is expected to be the second largest application for tires due to the increasing popularity of these vehicles.

The medium & heavy trucks segment is expected to grow at the highest CAGR during the forecast period as these vehicles are increasingly being used for commercial applications such as transportation of goods and materials.

David V. Williamson
 

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